Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 9 years ago on . Most recent reply

User Stats

5
Posts
0
Votes
Elisha Buckingham
  • Student and Investor
  • Philadelphia, PA
0
Votes |
5
Posts

one shot oppurtunity and want to make the most of it, HELP

Elisha Buckingham
  • Student and Investor
  • Philadelphia, PA
Posted

Hi everyone, 

My name is Elisha Buckingham, I am 23 years old, married and the mother of 2 with one on the way. I wanted to learn as much as I could about real estate and becoming a landlord so that i could potentially spend more time with my family. My father in law saw my commitment to learning as much as I could, and offered to give me 50k to start with. I know thats not much, but its cash and more than what I was going to start with. My aunt has been in the real estate business for 30+ years and has offered to help me as well. Her main objective was to find me a property managment class to teach my about manging properties. I also reached out to one of my old professors from college who owned his own mortgage company and currently serves as a personal financial advisor. I wanted him to look at my current debts (student loans/ credit card debt) and give me an assessment on my current debt to income ratio and advise me on the best move for this money. A friend of my mother in laws currently owns 20+ properties and we had lunch and she suggested I get 3 quadplexes investing 10k on each as down payments and keep the remaining funds as cash on hand to fix any issues that may arise. She said to only invest in 4+ properties because of my interest of living in one apartment when I intially only thought I would be able to purchase 1 property. She said with a minium credit score of 625+ I would be able to finance more than one. She said 4+ is good because 1 tentant pays the mortgage, 1 tent pays the bills, Id live in 1 and the last apartment would be pure income to save and invest into more properties. 

I simply want to gain as much knowledge about the next steps I should take with as much professional advice I can obtain. I am open to all suggestions and advice.... this is an oppurtunity Id like to make the most of

Thanks in advance for all your efforts

Loading replies...